Buying a home

We understand the complexities that come with buying a house. Our team is approachable and grounded, ensuring that we communicate as clearly as possible to make first-time buyers feel relaxed. We make the experience jargon-free and as straightforward as possible. We're always available if you have any questions.

When it comes to moving house you’re no longer a first-time buyer and there will be a lot more to consider. Before you can purchase another property you need to sell your current house which means there are more people involved in the process. It also means the timing between the sale and the purchase of each property is very important.

Working with our team of experienced mortgage advisers, this process can be made a lot easier for you. Support, advice, and guidance will be given at every step to help keep the process on track to ensure a successful outcome.

Consider how much money you need to borrow

It’s always a good idea to start with how much you will be able to afford for your next property and this will depend on whether you’re upsizing or downsizing. If you want to move to a larger property calculate how much deposit you’ll need, this will help you find an affordable mortgage. While moving to a smaller property could give your greater flexibility.

At this stage in your homeowning journey, it’s worth considering all your options.

· Can I buy my next property outright or do I need another mortgage?

· How much deposit would I have?

· How much equity can I take out of the property to invest elsewhere?

Start with the market value of your current property and calculate how much money you’ll have from the sale of your house. We can help you with this and based on our knowledge of the lender’s criteria, can give you an initial view of mortgage products available.

Options to consider with an existing mortgage

As an existing mortgage holder, you could stay with your current lender or move to a new provider. Sounds simple but you should consider this carefully as there are additional fees involved.

· The term ‘porting’ your mortgage is used when you move to a new property and remain on your existing mortgage deal. Not as simple as it sounds, you still need to apply to the lender and there will be valuation and arrangement fees to pay.

· If you need a larger mortgage you could continue with the existing arrangement and apply for an additional product with the same lender.

· With a repayment mortgage, you may have built up equity in your property or the value may have increased. This will help the loan to value ratio and increase the number of products you can access.

This is not a straightforward process but our expertise to guide you will make the process a lot simpler for you.

Access to more mortgage lenders

As a Homemover you’ll already have experience in making a regular monthly mortgage payment. For many lenders, this is viewed as an important part of your credit history that will increase your overall credit score. You have proven you can afford a mortgage which will increase the range of products available to you. Five Star Mortgages are independent advisers and can provide you with the best advice based on your requirements.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Frequently asked questions

Q. What fees are involved with moving home?

A. There are several fees you’ll incur when moving house but the amount you’ll pay will vary depending on several factors. As a general guide you should take into account the following:

· Solicitors fees

· Estate agent fees

· Stamp duty depends on the property value

· Survey fees

· Mortgage arrangement fees

Q. Will the value of my property affect the mortgage I can have?

A. In general terms, the bigger the deposit you have to buy a house the more options to choose a mortgage product. Lenders welcome buyers who are prepared to put a lump sum into the property and reward this by offering competitive mortgage rates. The benefit to you is a lower monthly repayment amount and possibly flexibility on the length of the term.

Q. What does the term porting mean?

A. This is where you have an existing mortgage and when you sell your property you repay this mortgage. You then seek to take out another mortgage with the same lender on the same terms. If you need more money to purchase your new property, you could continue to repay your existing mortgage and apply for additional funds with the same lender. Porting your mortgage is also a good way to avoid paying any early redemption charges and will save you money.